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Cyprus Property News

Get ahead in the Med Cyprus is surging forward with state of the art homes

Date: 08/04/09

Sitting at the crossroads of three continents, the eastern most Mediterranean island of Cyprus not only enjoys an enviably long summer, but draws a rich mix of buyers.

Sitting at the crossroads of three continents, the eastern most Mediterranean island of Cyprus not only enjoys an enviably long summer, but draws a rich mix of buyers.

Closer to Moscow than London, it's popular with Russians as well as Middle Eastern buyers, for whom Beirut is a mere 20-minute flight away. What's more, since Norway's richest man, John Fredriksen, took Cypriot citizenship in 2006, the flow of his fellow countrymen has increased, too, with investors taking advantage of the lowest income tax in Europe and minimal crime rates.

So, although Britain's 80,000 property owners in southern Cyprus - as opposed to the northern section, which is a separate entity - might be suffering under the strong euro, a global medley of wealthy speculators has been helping it through the downturn.

A Royal Institution of Chartered Surveyors (RICS) report last year described Cyprus as 'a rare case of a country shrugging off the gloom', after it saw price rises of 15 per cent in 2007.

But price growth slowed to 2.8 per cent in 2008, according to Knight Frank's Global Index.

A new marina in Coral Bay, due for completion in 2011, will further boost the area, but high rollers still favour Limassol, the island's answer to St Tropez.

Although much of the high-end development has been focused in the Paphos region, building starts next month on Limassol's new marina, with luxury apartments and more designer shopping.